Dotecoin price campaign is In a critical decision zoneAccording to a new technical analysis that a crypto analyst has shared for tradingview. This analysis takes place when Dogecoin bulls accumulate in the range of USD 0.16 to successfully defend this price level in the past 24 hours.
The Prize campaign has made the Meme coin to test a historical support area again, and the coming days will determine Dotecoin breaks lower Or start a recovery towards the region 0.20 US dollars.
Dogecoin approaches the support with bear triangular formation
The The analyst noticed that Dotecoin deals within one descending triangle pattern, A typical bear structure in which the price goes down when the support is broken. This support is in the horizontal zone between $ 0.164 and 0.18 US dollars and is highlighted as a collection area in which buyers have previously occurred.
The Ichimoku cloud refers to a persistent bear trend, but the analyst has marked some early signs of exhaustion in the downward impulse, which indicate that Dogecoin may have $ 0.16. However, confirmation is required before deciding on a bullish dynamic. For example, the relative strength index (RSI) fell to around 32.98 and approached the oversized area, but has not yet shown a strong divergence.
At the same time, the wave trendoscillator (WTO) is also deep in the oversized zone, whereby its signal lines cuddle up and show a possible short -term jump width. On the other hand, the moving average convergence divergence (MACD) has not yet confirmed a reversal, since its signal line does not yet have to be crossed.
The sale of the pressure remains lingering
Dotecoin has spent the larger part of the last seven days around 0.16 US dollars. Interestingly, the analyst found that the MACD histogram shrinks and shows that the barical impulse weakens. However, the Formation of lower heights shows that sellers are still exerting pressure and preventing a meaningful upward movement.
The ALGO cluster, the potential market for bowing points, has not yet used up a strong bullish signal. However, the compression of its lines shows that an outbreak can be very close to either up or down. The analyst describes this as a “critical decision -making zone”, in which a fixed defense of the level of $ 0.164 can lead to a withdrawal to $ 0.20 or even 0.21, which coincides with the retracement level of 0.236 fibonacci. In addition, an interruption of over 0.21 USD and a strong purchase volume could drive the Dotecoin price before it, according to the level of 0.786 Fibonacci, reaches a strong further resistance at $ 0.28 and then $ 0.455.
If Dogecoin does not accept the support of USD 0.164, the price could continue to return until it reaches the zone from 0.11 to 0.12 US dollars that are observed at market lows. Such a step would essentially mean that Dogecoin has not acted since the fourth quarter of 2023.
At the time of writing, Dogecoin was traded with $ 0.1696.
Selected picture from the TechSext, Diagram from Tradingview
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